In an unusual development, it is understood company directors were planning to hold an egm to gain shareholder approval to remove FD Geoff Gibbons, and information was to be sent to shareholders.
Gibbons, a CIMA member, had not been on the payroll since 19 February, but is understood to have refused to resign. The fallout was linked with differences of opinion on how to take the company forward.
Cradley managing director, Chris Jordan, said: ‘There will be no egm. There is no need for it now. Disagreements happen in boardrooms all the time. I wish him well for the future.’
Cradley Group prints Newsweek and Time magazines in the UK.
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